Grosvenor has forward sold its latest office development project, Anatole France 85 in Levallois-Perret, Paris, to flavour and fragrance manufacturer Mane.
Grosvenor acquired a 1,500m² 1970s office building on the site in 2019 and has since managed a complex planning process to enable demolition of the former building and the development of a larger, 2,500m² project, which will be tailored to the new buyer’s specific needs. The site benefits from a strong location adjacent to Anatole France metro, in the Levallois town centre, and the new building will feature seven floors, a dedicated laboratory with state-of-the-art air quality and increased outside space, including a 150m² roof terrace with views across Paris.
Delivering social benefit is at the forefront of Grosvenor’s approach, and it has introduced several initiatives in the development to work towards a BREEAM Very Good rating upon completion. This includes recycling 90% of waste (over 4,500 tonnes) on site. Grosvenor also implemented circular economy practices to reuse some elements of the original building, minimising waste, while the plans also increase green space available on-site by over 100m².
Demolition of the existing building, which used fossil-free machinery to reduce carbon emissions, is now complete, and development will commence in Q1 2022, with expected completion in Q3 2023. Grosvenor has also made a significant contribution to a local social housing provider as part of the planning process, which will help support the provision of much needed affordable housing in the local Levallois-Perret area.
Steve Cowen, Executive Director, Grosvenor Property Europe, commented: “It has been our strategy since 2019 to acquire outdated office buildings in well-connected areas of Paris and transform them with enhanced sustainability credentials. We do this either through refurbishment or full redevelopment. Anatole France 85 was our first acquisition under this strategy and following a complex but successful planning process, we are delighted to have agreed the forward sale.”
Alban Halle, Location Director Paris, Grosvenor Property Europe, added: “The transaction demonstrates there is still a strong desire for high-quality offices in good locations, while the buyer’s confidence in agreeing the forward sale reflects Grosvenor’s longstanding and trusted reputation for excellent development projects. After several office acquisitions in Levallois, Pantin and Courbevoie, our 2022 investment pipeline is very strong with other short and mid-term development projects."
Jean Mane, President of MANE, commented: "The identification of this real estate project led by Grosvenor corresponded perfectly to MANE's ambitions for its new headquarters dedicated to fine fragrance in the Paris region, in terms of location, very close to our current premises, as well as the environmental dimension of the operation, in line with the Group's CSR commitments.”
